Quote:
Originally Posted by Lubicon
Honest question for those who have kids in daycare/childcare. When you say you are spending $x dollars per day/month is that the up front cost? ie what you are cutting a cheque for? I'd be curious to see the actual cost once the tax deduction is taken into account. It's probably a simple calculation and could be estimated but I don't know the numbers and tax is not my business so I am not familiar. What I'm saying is how does the actual cost of what you are paying compare to the proposed models some of the parties are coming out with?
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I don't remember the exact values, but we pay around 11k in daycare costs and I think my wife has to claim the credits because she's the lower earner. The max she can claim is around 8k IIRC and it counts the same as any other non refundable tax credit (which is 15% I think)
The refund helps, but it's not like we are getting 50% off of our day care costs after our tax refund.